Side hustles: for people wanting an extra bit of oomph in their monthly earnings, working an extra job during the downtime from your primary career can be nicely lucrative. Side hustles are getting increasingly popular. A report from Henley Business school in May 2018 found that 25% of UK adults had one, with research from Milkround.com cited in the South Wales Argus in 2019 seeing this number rising to 42% amongst students and recent graduates.
But why are side hustles getting more popular? Here’s why.
Plenty of choice
There have never been more ways of conducting a side hustle to choose from, and that’s opening up opportunities for a wider audience than before. From freelancing, to selling handmade goods through sites like Etsy, there are plenty of ways to ply your skills towards a side hustle. And even new-fangled means like forex trading can be learned quickly, thanks to the abundance of guides ready to introduce newbies to the activity.
With Covid having accelerated the move towards remote and hybrid working, millions of people now have extra time left over in their working days which once was taken up by the commute. Finishing work at five as opposed to getting in at half past six means plenty more time for side hustles.
Simplicity of starting
Stating up a business is surprisingly easy in the UK. It’s ranked eighth in the world for starting up a company, according to the World Bank Group’s Doing Business report. This is thanks to the country’s favourable laws, availability of credit, plenty of workers, and more.
Ease of operating
Once your side business is set up in the UK, you can call upon a large population that has a good amount of disposable income. The business climate is well-established and easy to navigate too, with little corruption, bureaucracy, and other detrimental factors to contend with
Rising cost of living
Prices are rising as the world emerges from Covid and must cope with inflation, supply chain shocks and more. With no government aid forthcoming, to stop the cost of living from affecting family finances, many people are taking matters into their own hands and trying to earn some extra money to cushion the blow.
An outlet for creativity
Side hustles aren’t just a means to earn money – they’re the perfect way to become more expert at a favourite creative outlet. Whether you sell arts and crafts or have a passion for antiques, side hustles let you learn more about your pastime and become a true expert in it – all while making money.
Do you have a side hustle? Let us know how you earn money in your spare time in the comments section below.